Daily GK Updates - 25th May, 2019

NATIONAL UPDATES:

1. Naveen Patnaik set for the fifth term as Odisha CM: Odisha’s ruling Biju Janata Dal (BJD) headed by incumbent Chief Minister Naveen Patnaikis all set to form a government for a fifth consecutive term. The new Cabinet is likely to be sworn-in on 27th May. The final Election Commission (EC) tally shows that the BJD won 112 of the 146 Assembly seats for which elections were held. The Bharatiya Janata Party (BJP) bagged 23, the Congress nine, the CPI (M) one and a solitary Independent was also elected.

2. India bans Jamaat-ul-Mujahideen Bangladesh terror outfit: The Jamaat-ul-Mujahideen Bangladesh also called as Jamaat-ul-Mujahideen India or Jamaat-ul-Mujahideen Hindustan has been declared as a banned terrorist organization by the government of India. The home ministry stated the outfit has committed acts of terrorism, promoted acts of terrorism and has been engaged in radicalization and recruitment of youths for terrorist activities in India. Therefore, the Jamaat-ul-Mujahideen Bangladesh or Jamaat-ul-Mujahideen India or Jamaat-ul-Mujahideen Hindustan and all its manifestations have been inserted in the First Schedule to the Unlawful Activities (Prevention) Act, 1967.

3. 17th Investiture Ceremony of BSF held in New Delhi: Border Security Force Investiture Ceremony and Rustomji Memorial Lecture 2019 was organized at Vigyan Bhawan in New Delhi. National Security Advisor Ajit Doval has stated that technology will play a pivotal role in guarding the borders in days to come as security challenges are increasing day by day.

4. ISRO's new commercial arm NewSpace India officially inaugurated: NewSpace India Limited (NSIL), the commercial arm of Indian Space Research Organisation (ISRO), was officially inaugurated in Bengaluru. It was inaugurated by ISRO's honorary adviser, Dr K Kasturirangan in the presence of Chairman Dr K Sivan. Capital - NISL is provided with an authorised share capital of Rs 100 crore and initially paid-up capital of Rs 10 crore. NSIL's main objective is to scale up industry participation in Indian space programmes. It will be responsible for manufacturing and production of Small Satellite Launch Vehicle (SSLV) and Polar Satellite Launch Vehicle (PSLV) through technology transfer mechanisms.

INTERNATIONAL UPDATES:

1. Shailesh Tinaikar to Head UN Peacekeeping Operations in South Sudan: UN Secretary-General Antonio Guterres has appointed a decorated Indian Army officer as the new Force Commander of the United Nations Mission in South Sudan. Lieutenant General Shailesh Tinaikar, 57, will succeed Lieutenant General Frank Kamanzi of Rwanda who completes his assignment on May 26. The announcement was made by the UN chief on 24 May 2019.

2. 2019 Urban 20 Mayors Summit to take place in Tokyo: The second Urban 20 (U20) Mayors Summit was held in Tokyo, Japan ahead of G20 Osaka Summit. It had seen the participation of Mayors of 35 major cities from across the world. In this summit, mayors and city governors from 30 cities with 126 million people adopted 2019 Urban 20 Tokyo Mayors Summit Communique.

Themes of Mayoral Sessions: Climate Action, Circular Economy, Social Inclusion and Integration, Sustainable Economic Growth and Gender Equality

Note: The G20 Osaka Summit will be held from June 28 to 29, 2019 in Japan.

OTHER UPDATES:

SPORTS 

1. India bags 57 medals at India Open International tournament: India bags a total of 57 medals including 12 Gold, 18 Silver and 27 Bronze at India Open International Boxing tournament in Guwahati. MC Mary Kom, Shiva Thapa, L Sarita Devi, and Naman Tanwar won gold in their respective finals. The London Olympic bronze medallist blew away the challenge of Vanlal Duati in a facile 5-0 win. This was Mary’s second gold in the tournament, having won in 48 kg last year in the capital. On the other hand, Deepak defeated Govind Kumar in 49 kg final while in 52 kg category- Amit Panghal defeated Sachin.

BANKING AND FINANCE

1. RBI releases draft norms on liquidity risk management for NBFCs: RBI stated that all non-deposit-taking non-banking financial companies (NBFCs) with an asset size of Rs 5,000 crore and above, and all deposit-taking NBFCs irrespective of their asset size, have to maintain a liquidity buffer in terms of a Liquidity Coverage Ratio (LCR). In a draft on liquidity risk management framework for NBFCs and core investment companies, these measures will promote resilience of NBFCs to potential liquidity disruptions by ensuring they have sufficient High-Quality Liquid Asset (HQLA) to survive an acute liquidity stress scenario lasting for 30 days. The banking regulator proposed that it will implement LCR through a glide path from 01st April 2020 to 01st April 2024.

2. Corporation Bank launches ‘Corp SME Suvidha’ for MSMEs: Corporation Bank has launched ‘Corp SME Suvidha’, a product for GST-registered MSMEs. The product has been designed as part of the bank’s efforts to provide the best products to the MSME sector. PV Bharathi, Managing Director and Chief Executive Officer of the Corporation bank, launched the product in Mangaluru recently.

3. RBI to purchase govt securities under OMO: The Reserve Bank of India said that it will conduct an auction on June 13 to purchase government securities under Open Market Operation (OMO) for ₹15,000 crore to infuse durable liquidity. In the current financial year so far, it conducted OMO purchase of five government securities on two occasions — on May 2 and May 16 — infusing ₹12,500 crore in each auction. The total amount of government securities offered by market participants was ₹27,426 crore (face value) on May 2 and was ₹29,479 crore on May 16.

4. India on US watch list for currency practices: The US has added India to its monitoring list for currency practices and macroeconomic policies, alleging undervaluation in its currency. The semi-annual report on the US’ trade partners’ macroeconomic and foreign exchange policies, monitors any unfair currency practices. The monitoring list comprises China, Japan, Korea, Germany and Switzerland. India is the latest addition in the report published last month.

DEFENCE

1. DRDO test fires guided bomb from Sukhoi combat Jet: Defence Research and Development Organisation (DRDO) has successfully test-fired an indigenously-developed 500 kg class guided bomb from a Sukhoi combat jet at Pokhran in Rajasthan. The test firing of the guided bomb came two days after the Indian Air Force successfully test fired the aerial version of the supersonic BrahMos cruise missile from a Sukhoi jet at the Andaman and Nicobar Islands. The 2.5-tonne air-to-surface missile has a range of around 300 km, and it will significantly enhance the IAF’s combat capability.